KrisEnergy quits Thai block, adds Indonesian PSC

February 27, 2014

Singapore-based KrisEnergy Ltd. has added an operatorship offshore Indonesia, and also announced it will not acquire the G3/48 exploration licence in the Gulf of Thailand.

KrisEnergy announced in January that it had been seeking a 60% operated interest from Mubadala Petroleum in the G3/48 license (pictured), which covers 2917sq km in water ranging from 20-50m in the northern area of the Gulf of Thailand. The company said the reason for withdrawing was due to an existing partner exercising its right of pre-emption over the acquisition. The other Block G3/48 partners Tap Energy (Thailand) Pty Ltd. (30%) and Northern Gulf Oil (Thailand) Company Ltd. (10%).

In Indonesia, KrisEnergy acquired a 95% working interest in the Sakti production sharing contract (PSC) offshore East Java. Golden Heaven Jaya Ltd., will partner with KrisEnergy, holding a 5% working interest. KrisEnergy says the PSC has an initial three-year term, and will require the company to acquire and process 1200km 2D seismic, and drill one exploration well.

The Sakti exploration block covers 4974sq km over the western margin of the East Java Basin, Bawean Arch and the Muriah Trough. The block has water depths between 50-60m. The block is located near the KrisEnergy-operated Bulu and East Muriah PSCs, where it plans to develop the Lengo and East Lengo gas discoveries.

“We believe there are still significant opportunities to discover new oil and gas resources in Indonesia and therefore we continue to grow our asset base there," said Richard Lorentz, director business development, KrisEnergy. "Sakti is a good fit with our gas aggregation plans to supply the thriving East Java market. The area possesses all the required elements for hydrocarbon entrapment and earlier exploration drilling has indicated the presence of gas.”

KrisEnergy operates six other contract areas in Indonesia – East Seruway offshore North Sumatra, Kutai and Tanjung Aru offshore East Kalimantan, Bulu and East Muriah offshore East Java and Udan Emas onshore West Papua.

 


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